XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.24.3

Debt (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Mortgage Debt Obligations on Hotels | The following table sets forth our mortgage debt obligations on our hotels.
| Balance Outstanding as of |  |  |  |  |  |  |  |  |  |
| June 30, |  |  | December 31, |  |  | Prepayment |  | Maturity |  | Amortization |  | Interest |
Property | 2024 |  |  | 2023 |  |  | Penalties |  | Date |  | Provisions |  | Rate |
The DeSoto (1) | $ | 29,748,229 |  |  | $ | 30,248,929 |  |  | Yes |  | 7/1/2026 |  | 25 years |  | 4.25% |
DoubleTree by Hilton Jacksonville Riverfront (2) |  | 31,405,915 |  |  |  | 31,749,695 |  |  | Yes |  | 7/11/2024 |  | 30 years |  | 4.88% |
DoubleTree by Hilton Laurel (3) |  | 10,000,000 |  |  |  | 10,000,000 |  |  | (3) |  | 5/6/2028 |  | (3) |  | 7.35% |
DoubleTree by Hilton Philadelphia Airport (4) |  | 35,915,488 |  |  |  | 38,915,488 |  |  | None |  | 4/29/2026 |  | (4) |  | SOFR plus 3.50% |
DoubleTree Resort by Hilton Hollywood Beach (5) |  | 50,964,894 |  |  |  | 51,495,662 |  |  | (5) |  | 10/1/2025 |  | 30 years |  | 4.913% |
Georgian Terrace (6) |  | 39,008,579 |  |  |  | 39,455,095 |  |  | (6) |  | 6/1/2025 |  | 30 years |  | 4.42% |
Hotel Alba Tampa, Tapestry Collection by Hilton (7) |  | 35,000,000 |  |  |  | 24,269,200 |  |  | (7) |  | 3/6/2029 |  | (7) |  | 8.49% |
Hotel Ballast Wilmington, Tapestry Collection by Hilton (8) |  | 30,267,935 |  |  |  | 30,755,374 |  |  | Yes |  | 1/1/2027 |  | 25 years |  | 4.25% |
Hyatt Centric Arlington (9) |  | 45,893,572 |  |  |  | 46,454,972 |  |  | Yes |  | 10/1/2028 |  | 30 years |  | 5.25% |
The Whitehall (10) | $ | 13,900,059 |  |  |  | 14,009,874 |  |  | None |  | 2/26/2028 |  | 25 years |  | PRIME plus 1.25% |
Total Mortgage Principal Balance | $ | 322,104,671 |  |  | $ | 317,354,289 |  |  |  |  |  |  |  |  |  |
Deferred financing costs, net | $ | (1,890,963 | ) |  |  | (1,407,979 | ) |  |  |  |  |  |  |  |  |
Unamortized premium on loan |  | 30,544 |  |  |  | 42,884 |  |  |  |  |  |  |  |  |  |
Total Mortgage Loans, Net | $ | 320,244,252 |  |  | $ | 315,989,194 |  |  |  |  |  |  |  |  |  |
(1) | The note amortizes on a 25-year schedule after an initial interest-only period of one year and is subject to a pre-payment penalty except for any pre-payments made within 120 days of the maturity date. See Note 13. Subsequent Events for additional information on this loan.
(2) | Prepayment can be made without penalty. See Note 13. Subsequent Events for additional information on this loan.
(3) | The note requires payments of interest only and cannot be prepaid until the last 4 months of the loan term.
(4) | The note requires payments of interest only. On May 3, 2024, we entered into an interest rate cap with a notional amount of $26.0 million with Webster Bank, N.A. The cap has a strike rate of 3.0%, is indexed to SOFR, and expires on May 1, 2026.
(5) | With limited exception, the note may not be prepaid prior to June 2025.
(6) | With limited exception, the note may not be prepaid prior to February 2025.
(7) | The note requires payments of interest only and cannot be prepaid until the last four months of the term.
(8) | The note amortizes on a 25-year schedule after an initial interest-only period of one year and is subject to a pre-payment penalty except for any pre-payments made within 120 days of the maturity date.
(9) | Following a 5-year lockout, the note can be prepaid with penalty in years 6-10 and without penalty during the final 4 months of the term.
(10) | The note bears a floating interest rate of New York Prime Rate plus 1.25%, with a floor of 7.50%.
Schedule of Future Mortgage Debt Maturities | Total future mortgage debt maturities for the remaining six and twelve-month periods, without respect to any extension of loan maturity or loan modification after June 30, 2024, were as follows:
For the remaining six months ended December 31, 2024 | $ | 34,365,494 |
December 31, 2025 |  | 92,446,009 |
December 31, 2026 |  | 94,504,458 |
December 31, 2027 |  | 1,757,220 |
December 31, 2028 |  | 64,031,490 |
December 31, 2029 |  | 35,000,000 |
Total future maturities | $ | 322,104,671 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration